Poplar Estates is now VA Approved: A Philadelphia Condominium Success Story !!
I was thrilled when an offer came in after a few days on the market for a Northern Liberties condo we had listed that was in Poplar Estates. However, when I saw that the mortgage would have to go VA my excitement disappeared quickly. I thought it would be great for this deserved veteran to purchase this fab condo, but could the building possibly get VA approved ?
The more I thought about it, the more I thought that it could work. After all, Poplar Estates met all the Fannie Mae requirements for FHA loans. And I just sold a condo that I owned personally in Old City that was FHA. And if FHA could go through, how much harder could VA be ? In addition, the offer was high enough that it made sense for the owner to give it a shot based on my belief that it could work.
So speaking of work, the work began... We provided the VA office with the documents that was needed. And then they required more.... and more.... and more. The management company was getting worn down and testy. An attorney had to get involved to help with the communication between the condominium building and the VA office. In addition, the Realtors made an agreement that we would pay some of the attorney's fees along with the buyer and seller. The process was longer than waiting for a dial-up modem to play a video. It was painful !! The buyer moved into the property on a short term lease as we continued the wait. The buyers agent went down to City Hall to get one of the documents recorded that the management company insisted did not need to be done. But VA wanted it done so it had to be done !!
We needed the condo association board members to sign a document, and then another one, and then another one. They were very patient with each request. And when it got to the point that no one could take much more, kaboom ! We received the VA approval !! The property settled about 2 weeks ago. Below is a photo of our sellers (far right), the new buyer (middle) and the buyers agent (far left) all holding their checks !! And just in time ! The new buyer got deployed to the Middle East a week later. Let us all keep him and all the veterans in our thoughts and prayers !
Now, moving forward, we have tremendous pride that we were a catalyst for helping all of these great people in this transaction. But in addition to that, Poplar Estates has VA approval for all potential re-sales to future buyers. Thus, we made the building that much more marketable. How cool is that ?
Success stories rock. Do you have any that you would like to share with a link or a quick story ?
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This absolutely warms my heart. Congratulations to you and everyone involved in making this home possible for the VA buyer and others.
Your hard work was rewarded with one sale. Many future VETS will be rewarded for your hard work.
Lenn - Thank you so much ! It warmed our heart as well making this work for this young pilot. And yes, the building is now available to all future VETS as well and more marketable. It was so much work and a lot of stress and anxiety and at times, it felt like a lost cause. But it shows when you put your mind to something, good things happen ! We will remember this one for a long time. Also, we learned so much. That is the blessing with difficult deals, even ones that do not go through, is the opportunity to learn and help you do better and be more informed on the next ones ! ~ Chris
What a wonderful achievement..I am very proud of you! There is not a better way a can think of to support our troops..now when they come home here is another place they can live ...BRAVO!
HELPFULHANNAH
Hannah- Thanks ! It really does feel good to have that patriotic spirit as part of a real estate deal. And yes, being a resident of Poplar Estates as well, makes me feel even more proud. Both your comment and Lenn's comment has really made me smile. Thanks !! ~ Chris
I went through this recently for the condo building I represent in Belmont Bay. As you know it takes a mound of paperwork and we had to ask for a couple of exceptions (granted) as we are still considered new construction. We got our okay and our first VA loan is closing within 10 days. It was worth all of the effort and since we are a popular community with military families I'm looking forward to being able to advertise our VA approval as well.
Cindy - Congrats to you as well ! That is a great success story and a very valuable one for military familes it sounds like too ! Rock on !!
Congratulations. When I purchased my home both the builder and mortgage company tried to talk me out of a VA loan. I held my ground because of the PMI. Several years later, we did a refinance without taking any equity out for a 15 year loan with a lower rate and no PMI. I have used my own experience in home ownership when I speak with clients. Some get it and some don't. Good Job, keep working the smart basics.
Congrats! It's great to hear a success story, although it seems more and more of them are coming with a long list of hurdles.
That is a good sign, I hope you get more, any time we help a Veteran it is a good day.
Phillies just scored a home run!
congrats! NOW you can teach a class! my office is on Delaware Ave. I'm sure my broker would love the knowledge....this is good and im proud of my fellow Philly Realtors!
Good and well told information. Thanks!
You mentioned a very important point. You learned a lot. Which, is of course why experience counts.
Great job and you are right, success stories do rock.
It's funny as I am set to write a blog on FHA Loans for Condos here soon.
VA Loans are a stellar product and wonderful way to help repay some of the men and women who serve our Country. I'm trying to market that product more and more, as I don't think it gets as much coverage as it deserves in marketing efforts.
And this is why our clients depend on professionals like you! Congrats on a job very well done!
I'm thrilled to hear this and congratulations to both of you! I've seen some of your Northern Liberties listings and have to say that I loved them; I'm happy for your new homeowners!
Great experience, and a good tesitimony to hard work and a "can-do" attitude. Things are still possible, and heck, some of these options NEVER WERE easy!! :)
Yay! So awesome!!! A reason to celebrate! Thanks for sharing a great story!